BTC price can reach $34K as Bitcoin faces support ‘kiss’ — QCP Capital
Bitcoin might be weeks from a “sharp rally” towards $34,000, trading platform QCP Capital believes.In its latest market update launched on Aug. 15, experts said that the coming weeks include an essential choice point for Bitcoin (BTC) rate action.BTC price waits for September “termination point”With Bitcoin still rangebound after months of indecisive behavior, market observers are keen to anticipate the return of some sort of market trend.For QCP Capital, September is the key month in the calendar, thanks to BTC/USD completing an increasing wedge building that began throughout completion of the 2022 bearishness.”On the charts, the wedge pattern that BTC has been selling since its 15k lows reaches its first termination point at the start of Sep,” part of the update explained.QCP noted that the specific location of interest was $29,300– precisely the present centerpiece for the Bitcoin spot cost.”Will there be a sharp rally that takes us to the 34k resistance– like the prior 3 times which kissed the assistance trendline this year?” it continued about the increasing wedge. “We think it could still be another quiet couple of weeks prior to we find out. We watch to purchase back our end-Sep brief calls and go long end-Dec vol in due time.”BTC/USD annotated chart. Source: QCP CapitalQCPs viewpoint chimes with numerous more optimistic takes on BTC rate strength for the short term, including one which gives October as the due date for the return of the 2023 Bitcoin bull market.As Cointelegraph reported, however, market expectations are fragmented on the topic, with others cautioning that brand-new lows might yet get in before a broad healing ensues.No macro BTC price catalyst in sightAddressing macroeconomic trends, QCP argued that considerable change was still to appear, echoing the status quo in crypto.Related: BTC rate will not hit $100K prior to 2024 halving– Bitcoin investment officer”The last time trading was this compressed, it was during the crypto winter of 2018 and 2019, and it took a change in the macro environment to restore the market again,” it wrote.Bitcoins volatility is challenging historic lows, as revealed by Bitcoin Historical Volatility Index (BVOL) information from TradingView.Bitcoin Historical Volatility Index (BVOL) chart. Source: TradingView”While that game altering shift in the macro environment is not yet in sight, there are a couple of short term catalysts turning up on the crypto calendar late next month, including Mt Gox, GBTC, a possible SEC verdict on Blackrock/Fidelitys applications, and some prospective centralized crypto exchange and stablecoin news,” QCP continued.Among other things, experts referenced the September due date for commentary on the initial Bitcoin area cost exchange-traded fund (ETF) applications– extensively thought about to be a turning point for the industry.Europes first Bitcoin spot ETF began trading on Aug. 15 and is custodied by Fidelity Investments.Magazine: Deposit threat: What do crypto exchanges really make with your money?This article does not include financial investment guidance or suggestions. Every financial investment and trading relocation involves risk, and readers ought to conduct their own research study when making a decision.